Yearly Results announcement form Name of listed company : Codebank Limited Stock code : 8162 Year end date : 31/12/2001 Auditors' report : Qualified Modified X Neither Important Note : This result announcement form only contains extracted information from and should be read in conjunction with the detailed results announcement of the issuer, which can be viewed on the GEM website at http://www.hkgem.com Currency: HK$'000 (Audited) (Audited) Final Results Announcement Current Last Corresponding Period Period from 01/01/2001 from 01/01/2000 to 31/12/2001 to 31/12/2000 HK$'000 HK$'000 Turnover : 14,426 8,967 Profit/(Loss) from Operations : (51,539) (90,905) Finance cost : (933) (1,439) Share of Profit/(Loss) of Associates : (338) (662) Share of Profit/(Loss) of Jointly Controlled Entites : N/A N/A Profit/(Loss) after Taxation & MI : (52,810) (90,906) % Change Over the Last Period : N/A % EPS / (LPS) - Basic : (11 cents) (33 cents) - Diluted : (11 cents) (33 cents) Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit (Loss) after ETD Items : (52,810) (90,906) Final Dividend per Share : Nil Nil (specify if with other options) : N/A N/A B/C Dates for Final Dividend : N/A to N/A bdi. Payable Date : N/A B/C Dates for AGM/SGM : N/A to N/A bdi. Other Distribution for Current Period: Nil B/C Dates for Other Distribution : N/A to N/A bdi. (bdi: both days inclusive) For and on behalf of Codebank Limited Signature : Name : Wong Chi Keung Title : Company Secretary Responsibility statement The directors of the Company (the "Directors") as at the date hereof hereby collectively and individually accept full responsibility for the accuracy of the information contained in this results announcement form (the "Information") and confirm, having made all reasonable inquiries, that to the best of their knowledge and belief the Information are accurate and complete in all material respects and not misleading and that there are no other matters the omission of which would make the Information herein inaccurate or misleading. The Directors acknowledge that the Stock Exchange has no responsibility whatsoever with regard to the Information and undertake to indemnify the Exchange against all liability incurred and all losses suffered by the Exchange in connection with or relating to the Information. Remarks: 1. Basis of Preparation The Company was incorporated in Hong Kong on 23 July 1999 as a limited liability company and listed on the GEM of the Stock Exchange on 21 December 2001. The financial statements have been prepared in accordance with accounting principles generally accepted in Hong Kong and comply with accounting standards issued by the Hong Kong Society of Accountants ("HKSA"). The financial statements are prepared under the historical cost convention except that trading investments are stated at fair value. In the current year, the Group adopted the Statement of Standard Accounting Practice ("SSAP") No. 30 "Business combinations" issued by the HKSA which is effective for accounting periods commencing on or after 1 January 2001. 2. Turnover The Group is principally engaged in the provision of Internet and intranet development services and the provision of design, development and deployment of the voice and wireless technology services. Turnover represents income arising from provision of the above services. 3. Loss per share The calculation of the basic loss per share is based on the Group's loss attributable to shareholders of HK$52,810,000 (2000:HK$90,906,000)and on the weighted average number of 471,536,684 (2000: 278,599,506) shares in issue during the year. The weighted average number of shares in issue during the year has taken into account the subdivision of one ordinary shareof HK$1.00 each into 10 ordinary shares of HK$0.10 each of the Company on 3 March 2000. Diluted loss per share is same as the basic loss per share as there is no dilution effect arising from the share options granted by the Company.